8:53 - JK: We obviously have a long way to go. No one considers Hulu Plus or Netflix to be a cable replacement yet. But we actually pay more than cable per viewer.

8:57 - JK: We're constantly reminding ourselves that we'd never be in this position if not for the courage of people like Jeff Zucker and Bob Iger. We need forward-looking old media execs for this to work. But at they end of the day, Hulu works.

9:00 - JK: "In the summer of 2007 we were a clown co."

9:02 - JK: "We care about monetization per minute of content consumed. It should basically be a jump ball" over who can do the best job of that.

9:03 - HB: So how do you stack up against Netflix on monetization of content consumed per minute?

9:04 - JK: We're better than DVR, which is the relevant comparison. That's the opportunity cost.

9:04 - JK: On a per user basis, Hulu is much more attractive than the other options out there.

9:05 - JK: "The best content tends to have a buyer already."

9:06 - JK: "We firmly believe that consumers world wide deserve a service like Hulu."

9:07 - HB: So we heard IPO this year. Then we read it won't be until next year. What's up?

9:08 - JK: Yeah, I read about that to. But I never said anything about it, and I'm not about to start.

9:09 - JK: Consumers have spoken loud and clear that they want what they want where they want when they want. It's up to the industry to figure out a model to make that work.